The Adhesive and Sealant Council (ASC) provides a range of resources for professionals in the adhesive and sealant industries. These resources include digital tools, access to the Accounting Standards Codification (ASC), opportunities for professional development through events like the Annual Convention & EXPO, and Virtual Design & Construction Services. The ASC also facilitates the sharing of technical information and promotes advancements within the industry. This article details the available resources, event information, and the structure of the Accounting Standards Codification, based on available documentation.
ASC Digital Toolbox
ASC offers several digital tools designed to streamline project workflows and improve accuracy. These tools include:
- ASC ConnectED™-Spec: This tool is designed for updating, validating, and improving project specifications.
- ASC ConnectED™-BOM: This web-based tool converts, completes, and flips project bills of materials to ASC equivalents.
- ASC Connected™ for Revit: A free Autodesk™ Revit plug-in that allows users to easily load ASC products into their projects.
- ASC Valve Configurator: This tool allows for the configuration, sizing, and design of ABZ Valves to meet specific project requirements.
- ASC ConnectED™-Content: A repository of files compatible with multiple software programs and formats, intended to support confident design processes.
- Seis Brace® Fire Protection Design Tool: This tool simplifies the selection of bracing, restraint, and attachment products by matching seismic load requirements to fire protection system specifications.
- WardFlex Jobsite App: This application facilitates the calculation of appropriate WardFlex tubing sizes directly on the jobsite.
- Sharpe Valve CAD Library: A collection of design resources for Sharpe products.
- ASC ConnectED™-Submittal: This tool enables the creation of tailored submittal packages with access to thousands of products.
The Accounting Standards Codification (ASC)
The Accounting Standards Codification (ASC) represents the single source of U.S. Generally Accepted Accounting Principles (GAAP). Maintained by the Financial Accounting Standards Board (FASB), the ASC became effective for interim and annual periods ending after September 15, 2009, superseding all prior accounting standards documents as outlined in FASB Statement No. 168. Accounting literature not included within the Codification is considered non-authoritative.
Historical Context
Prior to the Codification, U.S. GAAP consisted of thousands of standards issued by multiple standard setters over fifty years. This fragmented structure presented challenges in interpretation, increased financial reporting risk, and led to inefficiencies. The FASB responded to concerns regarding the increasing complexity of these standards by initiating a project to codify them, which was approved in September 2004.
Structure of the ASC
Each ASC reference is structured as a four-part number sequence separated by hyphens. This sequence represents the Topic, Subtopic, Section, and Paragraph. The first digit of the three-digit Topic number indicates the Area.
The following table outlines the Topic Series and corresponding Areas:
- 100: General Principles
- 200: Presentation
- 300: Assets
- 400: Liabilities
- 500: Equity
- 600: Revenue
- 700: Expenses
- 800: Broad Transactions
- 900: Industry
Subtopic 10 is consistently designated as "Overall." Section numbers are standardized across topics, though not all subtopics utilize all sections. Common section titles include:
- 00: Status
- 05: Overview and Background
- 10: Objectives
- 15: Scope and Scope Exceptions
- 20: Glossary
- 25: Recognition
- 30: Initial Measurement
- 35: Subsequent Measurement
- 40: Derecognition
- 45: Other Presentation Matters
- 50: Disclosure
- 55: Implementation Guidance and Illustrations
- 60: Relationships
- 65: Transition and Open Effective Date Information
- 70: Grandfathered Guidance
- 75: XBRL Elements
Access to the Codification
Access to the Codification requires registration. Users can choose between a free basic view or a paid professional view. The professional view requires an annual subscription, with costs varying depending on the number of concurrent users, up to a maximum of $940. Discounts may be available for multiple concurrent users. The Codification is utilized by accounting and reporting professionals, analysts, and investors.
ASC Annual Convention & EXPO
The ASC hosts an Annual Convention & EXPO, providing a platform for networking and industry engagement. The 2024 event is scheduled for April 15-17 in Louisville, Kentucky, at the Omni Louisville Hotel. Registration is open until April 17, 2024.
Event Details
The Convention will feature concurrent technical sessions focusing on business development, market trends, regulatory issues, market segments, and new/advanced technologies and applications. The EXPO will be held on Tuesday, April 16, 2024, from 3:00 PM to 6:30 PM, and will showcase over 100 exhibitors. The EXPO is designed to address material, equipment, service, and packaging needs. Exclusive “EXPO Only” hours are available during the conference. The event will also include raffles, giveaways, and a food and beverage reception.
Attendee Profile
The ASC Annual Convention & EXPO attracts over 500 industry leaders from adhesive and sealant manufacturing and supplier companies worldwide. Attendees typically include upper-level management (CEO/VP), technical/R&D personnel, sales & marketing professionals, plant operations staff, and business development representatives.
Call for Presentations
The ASC solicits presentation proposals (abstracts) for inclusion in the Annual Convention program. Short courses will be hosted concurrently with the convention, and speakers are needed in relevant areas. Abstracts should focus on improved, new, or novel material, approaches, or applications of adhesives, sealants, and related technologies. Submissions must be technical or business development-focused, free of commercial/promotional content, and represent original, first-time published work. Abstracts are peer-reviewed by the ASC’s technical programming committee, and top-rated candidates will be invited to speak on or before January 16th. The deadline for abstract submission was extended to December 29, 2023. Submissions addressing new technologies or insights relevant to the adhesive and sealant industry are encouraged.
Virtual Design & Construction Services
ASC provides access to expert engineering and custom design services, tools, and information to accelerate project development. These Virtual Design & Construction Services support clients in optimizing their designs and streamlining the construction process.
Conclusion
The Adhesive and Sealant Council offers a comprehensive suite of resources for industry professionals, ranging from digital tools to access to the authoritative Accounting Standards Codification and opportunities for professional development through events like the Annual Convention & EXPO. The ASC’s commitment to providing technical information and fostering innovation positions it as a key organization within the adhesive and sealant industry.